Table of Contents
~ Have Too Much Debt? We Can Help
~ Debt Statistics from a Nationwide Survey
~ Finding the Right Debt Relief Solution Is Critical
~ Finding the right way to solve a debt problem is not an easy thing to do.
~ Our Goal at Richard Killen & Associates
~ Contact a Licensed Insolvency Trustee in Toronto for Better Debt Relief Services
In our 25 years in this industry, we at Richard Killen & Associates have seen one very important concern with people who are struggling to find debt relief in Canada. It’s that they feel so overwhelmed, to the point where they don’t know what to do to make their situation better. Financial debt counselling and Toronto debt relief services can help you manage your debt, but with so many options to choose from, it can become a very confusing process.
Have Too Much Debt? We Can Help
Too much debt can become an overpowering force. It can leave you feeling helpless and hopeless, like there’s little you can do to solve it. You can feel an intense amount of guilt and shame, almost like you did something wrong and you wallow in self-blame for the hole that you had dug yourself into. You also feel like there’s no one to talk to, you hide in your own bubble of money worries afraid that family members and friends would judge you if they knew how much credit card debt you owed. If stressing over debt problems goes on for a long time, it can cause anxiety, depression and other symptoms that can eventually affect your mental health.
We at Richard Killen & Associates know very well what you’re going through. For 25 years, we’ve helped thousands of people in the GTA to get out of debt so we are very familiar with the stress people go through when dealing with too much debt and how it can handicap your performance in the real world.
Debt can really suck. When you’ve been caught in a downward spiral of debt, struggling to make payments over the years just trying to break free, it can take a toll on you and negatively impact the way you look at life.
It can feel like you’re the only one in the world going through it. But you know what’s good to know? It’s not just you struggling with debt problems everyday. Hundreds of thousands of Canadians are currently carrying too much debt.
These debt statistics from a nationwide survey in the fourth-quarter of 2017 tell a different story:
-- 1 in 3 Canadians are not able to cover monthly bills while keeping up with their debt repayments, and
-- More than 30% feel that not being able to cope with debt payments could push them close to bankruptcy.
If your debt levels have reached a point where you can no longer meet monthly payments and the stress is starting to make you lose sleep or make you sick, you need a solution to help you get out of debt and get your finances back in control.
At Richard Killen & Associates we can guarantee that no matter how big your debt problems are, there is a way to solve it. But you must do one thing -- don’t put off too long to get the help you need.
What you really need to do if you have too much debt, is to “stop the bleeding” right away and then figure out a solution. You can’t solve debt problems if you just wait and let your debts keep piling up. You may think that it’s easier not to worry about it, but ignoring it really just compounds the problem when you add up the amount of interest you’re paying every month.
It’s great if you can work out a solution on your own, however, if you see that you’re not managing to cope with repayments at all, don’t hesitate to seek help right away. There are professionals in the field who can help you look at all the debt solutions available to you before you make a final decision.
We can tell you this, most of those who have come to our office at Richard Killen & Associates for a consultation discover in the end that simply talking to someone who is knowledgeable and experienced greatly helped them find some sort of clarity and direction. Just knowing your options, what’s available out there to help you solve your problem, can be empowering and stress relieving.
Finding the Right Debt Relief Solution Is Critical
Getting out of debt may seem very impossible to you now, but really it’s not as insurmountable as you think. We Canadians are very lucky as we have a number of ways available to help us solve debt problems.
For one, there are self-help techniques. Budgeting methods or doing a balance transfer to a zero-percent credit card, for example, can be very effective particularly for lower levels of debt that are under $5,000.
For larger debt levels that need more drastic measures, there are professional debt relief services such as a debt management plan through a credit counselling agency or a debt consolidation loan.
And if those don’t work, there are insolvency solutions such as a consumer proposal or personal bankruptcy if your situation is extremely desperate.
However, with all the different debt relief programs to choose from, it’s not an easy decision to make.
Here’s the thing: Finding the right way to solve a debt problem is not an easy thing to do.
There are many things to take into account:
- Each one’s debt problem is different.
- There is no one way to solve a debt problem.
- Your financial circumstances are unique from other debtors.
- Finding the best solution will depend entirely on your own unique financial position.
In other words, getting out of debt involves many things and there are a lot of decisions that need to be made. Most likely, you’ll make some mistakes along the way. We’ve seen it happen so many times where people resort to solutions that make their debt problems worse. For example, they use the money from their line of credit to pay their credit card debts but don’t stop using the cards, so they rack up too much debt again and are in worse shape than ever. It’s such an easy trap to fall into.
In order to come up with an effective solution, you have to clearly define your debt problem.
- How much debt do you have?
- Where did all your debt come from?
- How much debt can you afford to pay?
- What is the best way to solve your debt?
- What happened to cause your debt problems?
The importance of properly diagnosing your debt problem is an essential step to solving it and avoiding persistent problems with debt. Debt is actually just the tip of the real problem. In order to find the true solution you need to dig deeper and look inward to the root cause. Do you have bad spending habits? Is your budget realistic? Are you spending more than you are earning?
Our goal at Richard Killen & Associates is to help you find a permanent solution that will solve all of your debt problems once and for all.
We believe strongly that while it is important to understand the main circumstance that started the accumulation of debt, it is more important to set in place a plan with guidelines to prevent the problem from recurring. With that said, we will help you identify the best debt relief options for your financial circumstances and we will also make sure to help you put measures in place to prevent debt problems from coming back.
Contact a Licensed Insolvency Trustee in Toronto for Better Debt Relief Services
A Licensed Insolvency Trustee is the highest debt professional in Canada. They are licensed and regulated by the federal government and their knowledge and experience will help make it easier to get out of debt. As a matter of fact, the OSB recommends that you contact a Trustee directly to avoid paying unnecessary fees and to get accurate advice for your own financial situation.
Debt can make you scared. It can make you feel embarrassed about your financial situation. It can make you feel lonely. It can make you sick. However, it is not a death sentence.
You may be in a bad spot right now, but if you put in the hard work it’s possible for you to get to that place where you are debt free. Don’t be discouraged. Don’t let fear, shame, or other feelings keep you from reaching out for help.
Contact us now and make the most stress relieving call you’ll ever make. Let Richard Killen & Associates help you get out of debt. Visit any of our 11 offices located across the Greater Toronto Area (GTA) or give us a call at 1-888-545-5365 to book your FREE initial consultation with one of our Licensed Insolvency Trustees.